Genesis: CFO Resigns; Earnings Next Week

By Eric Savitz

This cannot possibly be good news. Genesis Microchip (GNSS)today announced that its CFO, Michael Healy, is resigning effective May 8, “to pursue another opportunity.” The company provided no other details, and did not immediately name a successor.

Daniel Gelbtuch, an analyst at CIBC World Markets, says the “wheels continue to fall off the train,” and repeated his Sector Underperformer rating on the stock. Gelbtuch notes that several other execs have recently left the firm, which makes chips used in digital televisions.

“Timing of CFO’s departure seems ominous, since GNSS will report March Q results in 5 days (May 2),” he writes. Gelbtuch also plays down recent rumors that the company could be acquired. “It doesn’t seem to make sense to resign now if GNSS were even remotely close to being acquired.”

There are 6 comments

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APRIL 27, 2007 4:37 P.M.

Eric Savitz wrote:

That's a lot of responsibility you are foisting on me there, MN. The whole idea of this blog is to help level the playing field - at least when it comes to tech stocks. I can't solve everything; I can't balance the budget and get people to save more for retirement; but I can occasionally throw out some good stock ideas, and poke people in the eye who need poking.

APRIL 27, 2007 4:56 P.M.

MN wrote:

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APRIL 28, 2007 8:18 A.M.

JB wrote:

MN I suggest you stop listening to NPR, avoid the whole media complex and global warming won't kill you next year. In addition, the democrat candidates for president have nothing good to say except the sky will fall if they don't get elected. They are nothing but gloom and doom, You appear to have caught their disease. It so sad to waste a life.

APRIL 28, 2007 5:13 P.M.

CPC wrote:

I am a little surprised by this. Almost 4 years ago, I was fairly closed (I presumed) to being hired by GNSS as a senior director. The CEO had interviewed me multiple times and was comfortable with me coming on board as a senior staff person. However, he deferred to Mr. Healy who was about to come on board as CFO. Mr. Healy and I had a nice chat but he ultimately decided to go with someone with whom he had prior experience with (I believe he was in the accounting/audit field prior to his GNSS job). I understood and thank him for the opportunity nonetheless. I was very disappointed since I really enjoyed my time and interviews with him and the CEO - and I really liked the company and thought that they were taking appropriate steps to come out of their then-funk.

So I am more than a little disappointed to hear that this job didn't work out for Mr. Healy and, seemingly, for GNSS after all.

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Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.